Covid Business Debt Restructuring
On a previous post, we talked about the need to restructure and renegotiate all of your debt (Read More HERE: https://cpa-moms.com/covid-blog-financial-business-survival-strategies). We’ll share some simple strategies you can implement today.
#1: SBA Debt Relief – 6 months of government paid principal & interest
If you have an existing SBA loan, the government is paying your monthly debt service payment for 6 months. That includes your principal & interest. This is NOT a deferment. It does not get added to the end of your loan. It is FREE MONEY. If you have a business loan with a bank and you are not sure if it is an SBA loan or qualifies, call your bank and ask.
#2: Renegotiate or Defer Your Business Debts and Office Rents
If you don’t qualify for the SBA Debt Relief program, no worries, talk directly with your lender or property manager. Everyone is trying to work with their customers. Ask them for a deferment and reduction of payments. Most are accommodating. If you don’t ask, they won’t offer.
#3: Defer or Refinance Your Mortgage, HELOC or any other Debts.
Most small business owners are also home-owners. While we focus all of our energy on our business, we often forget about ourselves. Call your banker and ask for deferment or reduction of payments.
For more Covid resources or support for small businesses, please visit: https://cpa-moms.com/covid